Stocks to watch: Coal India, IRCTC, Indigo, Tata Consumer, Glenmark, SAIL

Coal India: Coal India announced on Wednesday that its consolidated net profit rose 178% €8,834 crore for the first quarter of fiscal 2022-23 on higher sales. The miner made a net profit of €3,174 crore in the same quarter last year. The company said in a regulatory filing on Wednesday that its sales were up 39% €32,498 crore during the quarter against €23,293 crore was registered in the corresponding period of FY22.

IRCTC: Indian Railway Catering and Tourism Corporation (IRCTC), a public company under the Ministry of Railways, reported a 198% increase in net profit on Wednesday €245.52 crore for the quarter ended June 30, 2022. It reported net income of €82.52 million in the first quarter of FY22. IRCTC’s operating income increased by 250.34% €852.59 crore in the quarter under review €243.36 million in the first quarter of fiscal 22.

InterGlobe Aviation: The Ministry of Civil Aviation said on Wednesday that restrictions on domestic flights will be lifted from August 31 after a lapse of about 27 months. However, airlines are free to decide what to charge passengers after August 31. The move comes at a time when fuel prices are stabilizing and demand is returning to pre-Covid levels.

Tata consumer: Tata Consumer Products Ltd (TCPL) on Wednesday reported a 38.2% increase in consolidated net profit €276.72 crore for the June quarter, supported by cost control initiatives and price increases during the period. The company had posted a net profit of €200.24 crore for April-June a year ago, TCPL said. Operating income increased by 10.58% €3,326.83 crore during the quarter against €3,008.46 crore in the relevant period of the most recent financial year.

Glenmark: Glenmark Pharmaceuticals on Wednesday reported a 31% fall in its consolidated net income €211 crore for the first quarter ended June due to the decline in sales in the domestic and US markets. The company reported a consolidated profit of €306 crore in the April-June quarter of the previous fiscal year. Operating sales fell €2,777 crore in the June quarter compared to €2,965 crore in the same period last year.

SAIL: The state-owned SAIL on Wednesday reported a 79% fall in its consolidated net profit €804.50 crore for the June quarter pulled by higher expenses. It had clocked €3,897.36 crore in the April-June period of the 2021-22 financial year, Steel Authority of India Limited (SAIL) said in a regulatory filing. The company’s total revenues went up €24,199.51 crore from €20,754.75 crore in the year-ago quarter.

Suzlon energy: Suzlon Energy recorded a multiple increase in its net profit €2,432.55 crore in the June quarter compared to the same period last year, helped by exceptional gains. The company’s consolidated net income amounted to €3.64 million in the quarter ended June 30, 2021, according to a BSE filing. The company’s total revenues increased €1,383.47 crore in the quarter €1,148.61 crore a year ago.

PB Fintech: PB Fintech, the parent company of online insurance broker Policybazaar, reported a widening consolidated loss on Wednesday €204.33 crore in the first quarter ended June 30, 2022, according to a BSE filing. The company posted a loss of €110.84 crore in the same period a year ago. The consolidated operating income of PB Fintech has thus more than doubled €505.18 crore during the reported quarter of €237.73 million in the June quarter of 2021.

Zomato: Online grocery delivery platform Zomato Ltd is aiming to break even on overall business between the fourth quarter of this fiscal year and the second quarter of fiscal 24 after gradually cutting losses, according to the company’s CFO Akshant Goyal. Zomato, which earlier this year provided a $400 million investment forecast for the next few years in Quick Commerce, has now scaled that down to about $320 million.

Eicher Motors: Eicher Motors reported a more than two-fold increase in net income on Wednesday €6.11 billion for the first quarter ended June 30, driven by robust selling in international markets. The company had posted a net profit of €237 crore in the June quarter of the most recent fiscal year. Turnover from operations increased €3,397 crore in the April-June period compared to €1,974 crore in the same period last year.

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